New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>We expect Port of Tauranga (POT) to report a strong FY25 result on 29 August 2025, driven by a combination of container volume growth, pricing initiatives, and cost efficiencies, particularly for rail.</li><li>Our FY25 underlying NPAT forecast of NZ$124m (+22% on the prior year) is at the top end of management's NZ$115m–NZ$125m guidance range.</li><li>Pricing gains included a doubling of its container infrastructure levy and material increases in unit bulk charges.</li></ul>

We expect Port of Tauranga (POT) to report a strong FY25 result on 29 August 2025, driven by a combination of container volume growth, pricing initiatives, and cost efficiencies, particularly for rail.Our FY25 underlying NPAT forecast of NZ$124m (+22% on the prior year) is at the top end of management's NZ$115m–NZ$125m guidance range.Pricing gains included a doubling of its container infrastructure levy and material increases in unit bulk charges.

Port Of Tauranga FY25 Preview—Pricing Opportunity